ABB Says to Take Control of German Low-Voltage Power Products Maker

By John Revill

ZURICH--ABB Ltd. on Monday said it will take total control of a German maker of low-voltage products, the latest acquisition by the Swiss power and automation giant in one of its largest markets.

Zurich-based ABB said it was buying the remaining 49% stake it didn't already own in Striebel & John GmbH & Co KG. ABB made its initial investment in the family-owned company in 1993.

Striebel & John, which is based in Sasbach, south-western Germany, makes energy-distribution systems for buildings, and products include power-distribution panels, small distribution boards, and wall and meter cabinets for residential buildings. The company, which employs 350 people, also has its own software that is used by contractors to plan the energy distribution of complex projects.

ABB said it was taking 100% ownership to make it easier for customers to do business with ABB's low-voltage business in Germany and improve efficiency. Terms of the deal weren't disclosed.

"As part of our Next Level growth strategy, we are investing in our core activities to accelerate our expansion" said Tarak Mehta, president of ABB's low voltage products division in a statement.

The deal follows ABB's acquisition of a German maker of control systems for robots in April. Germany is ABB's third-largest market with sales of 3.22 billion euros ($3.43 billion) in 2014.

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November 23, 2015 05:52 ET (10:52 GMT)

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